Closer highlights for April 13

Foreclosure

Associated Bank has filed to foreclose on an office building in downtown Aurora that's currently leased by the Fox Valley United Way non-profit organization. The Green Bay, Wis.-based lender is seeking to collect $1.39 million from a venture managed by Mihai Serdean, president of Premier Class Transport, a Lincolnwood trucking company. The property, 40-46 W. Downer Place, is a 22,911-square-foot, two-story building situated along the Fox River. According to an employee who answered the phone at Premier Class Transport, Mr. Serdean is currently traveling out of the country and could not immediately be reached for comment. Mr. Serdean purchased the building in August 2008 for $1.84 million and obtained the $1.38 million loan from Associated Bank that same month. Fox Valley United Way's chief executive officer, Michael Meyer, did not return calls requesting comment.

Construction

Bernie's Tavern at 3664 N. Clark St. is planning a modest expansion of the long-time, Wrigley Field watering hole, according to BidClerk.com. The plans include enclosing the outdoor patio of the bar, which is located at Clark Street and Waveland Avenue, according to the Friday agenda for the Zoning Board of Appeals. The board must must approve the proposal. Bernie's owners, Linda Dillman, who owns the bar with sons Timothy and Jeffrey, declined comment. Work is not expected to start until next year.

Sale

The owners of the Gage restaurant and bar near Millennium Park paid $1.49 million for space in the adjoining building at 18 S. Michigan Ave., where they are planning a new restaurant. The deal was to have closed last year, but faced delays related to exterior construction and other matters, says Brett Walrod, principal with Woodstock-based Bulldog Properties LLC, who is marketing units at 18 S. Michigan for the building's owner, a pension fund advised by Purchase, N.Y.-based Tuckerman Group. Related story: Gage owners to open restaurant next door. Mr. Walrod says work to build out the new restaurant is to begin soon.

Mortgage

A company led by local self-storage investor James Lapetina has borrowed $5.2 million from Cole Taylor Bank to finance the construction of a building at 6603 W. Diversey Ave, the former home of Central Chicago Tire & Wheel Co. A self-storage facility had been proposed for the site in 2008, according to a zoning application from a different developer, but it's unclear what Mr. Lapetina plans to build there. Efforts to reach him were unsuccessful, and a Cole Taylor spokesman declines to comment. Mr. Lapetina paid $1.3 million for the property last November, according to a deed filed with the Cook County Recorder.